Aussie market was once again aimless trended down despite a bounce in the middle of the data after the strong trade data. AUD and commodity prices are under pressure as USD strengthens. The Aussie market continues to run out of juice around 5400. We see similar issues in the US market where the SP500 multiples are stretched around 2100. Global markets will wait to see what happens in the US tonight before reacting. The risk is that the weighted outlook from here is more down side than upside as earnings in US and Aus are in negative bias for the large caps. Why we remain negative short term ...
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